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Tuesday, 22 November 2011

QUOTE OF THE DAY: Does a businessman need to understand economics?

Qua businessman, a man does not need to know economics. If he does know it, his knowledge does not affect his strictly business decisions, such as whether or not to raise his price when his costs increase. But each businessman does need to understand economics if he wants to defend his business against those who want to seize it or shut it down or confiscate his profits. A businessman does not need to understand economics in order to run his business successfully—just in order to keep it. - M. Northrop Buechner, from the Preface toObjective Economics: How Ayn Rand’s Philosophy Changes Everything About Economics

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